Ever wondered how far over the edge you could be tipped by an addiction to payday loans? Let’s take a look at the potential health related risks you run by running the gauntlet.
The Payday Loan Question Mark
I’m not going to tell that payday loans are the spawn of some hellish creature from a nightmarish hinterland filled with pain and despair. I’m not going to tell you that you should avoid payday loans on pain of a lingering death of your finances. In fact, I will go so far as to say that, in some cases, payday loans can actually benefit you.
Submitting your bank account to a punishing 4000% interest for the sake of a night out on the town is definitely off the cards. But emergencies tend to require snap decisions and, sometimes, small sacrifices. What if a family member falls seriously ill at the end of the month but you can’t afford to travel? In a one off instance like this, the cost is worth bearing.
So, do you REALLY need the loan or is it a nice to have? How easily could this ‘need’ for fast cash become an addiction? In fact, before you answer that second question, let’s take a look at some of the health-related risks that await you.
If you’ve ever been addicted to anything you already know about the cravings. Take gambling addiction as a prime example; you become secretive; You gamble even when you don’t have any money; At the most extreme, you’ll steal from friends and family to for what you tell yourself is just one more throw of the dice. Trust me, it’s not nice.
Then there’s the withdrawal symptoms. Sweating, itching and palpitations. In some cases, former gambling addicts have been diagnosed as having mental disorders.
Scary thought? Yes but it serves a purpose…
Debt related nervous breakdown
Could payday loans lead you to have a nervous breakdown? Not directly but they can contribute. Last year, the BBC reported on a man who suffered a nervous breakdown due to his massive debts. I have to admit that, in this case, the cause of his problems came for a £9,000 that he could no longer afford to repay. If you develop a habit of using payday loans on a regular basis you run the risk of running up massive debts.
Payday loan heart attack
I’m not talking about the heart attack you have when you see the interest rates you’re being charged. In this case, the heart is real. Although it’s not directed caused by your loans and repayments it’s still related. Your inability to repay your debts causes stress. Once you apply enough stress the threat of having a heart attack becomes much more real. If you’re a little sceptical take a look at this WebMD article on stress and the heart.
Debt related obesity
Obesity is fast reaching epidemic proportions. By 2030, it’s estimated that 42% of all Americans will be obese and, currently, about 23% of the UK’s population is classed as obese. But what does that have to do with payday loans? Research has shown that individuals with heavy debts tend to eat cheaper food which, in many cases, is loaded with fats and sugar. There’s also a marked decrease in the amount of exercise performed by people with heavy debts.
Mental health and debt
Debt can have a massive affect on your mental health. The Royal College of Psychiastrists give an example how easy it is to fall into debt (the bullet points follow one persons journey into debt and show how even a few missed bills can set off a downward spiral). Depression and anxiety are two points addressed as being two, very real examples of how debt can harm your mental health.
Why aren’t payday loans recognised as an illness?
Normally, at this point, you’d expect me to start giving you advice on how to break your debt habits (but I won’t because you can simply follow the link. What I will say is that debt would appear to be far more than just a problem that affects our finances; if you’re not careful, you run the very real risk of falling foul of one of the payday loan diseases.